T. MAES CONSTRUCT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
T. MAES CONSTRUCT
Largest movements
- Cash +€23,321
up €23,321 (+79.4%), from €29,369 to €52,690
mainly Net result for the year (+€17,093) and Depreciation (+€15,835)
- Tangible fixed assets -€13,855
down €13,855 (-41.2%), from €33,664 to €19,809
of which Furniture and vehicles: -€11,612
- Receivables within one year +€8,441
new in 2025: €8,441
of which Trade receivables: +€5,825
- Deferred charges and accrued income -€6,501
down €6,501 (-84.2%), from €7,721 to €1,220
- Reserves +€17,093
up €17,093 (+74.1%), from €23,078 to €40,171
- Debts after one year -€10,018
down €10,018 (-48.2%), from €20,766 to €10,747
- Trade debts +€3,985
up €3,985 (+60.6%), from €6,578 to €10,564
- Tax, wage and social debts +€3,862
up €3,862 (+8462.6%), from €46 to €3,908
- Other debts -€3,758
down €3,758 (-68.2%), from €5,511 to €1,752
- Gross operating margin +€27,804
up €27,804 (+185.3%), from €15,002 to €42,807
- Financial charges +€3,915
up €3,915 (+457.2%), from €856 to €4,771
- Taxes +€3,908
new in 2025: €3,908
- Depreciation +€669
up €669 (+4.4%), from €15,166 to €15,835
- Staff costs -€438
no longer reported in 2025 (was €438)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,753 | €82,160 | +€11,407 | +16.1% |
| Fixed assets | 21/28 | €33,664 | €19,809 | -€13,855 | -41.2% |
| Tangible fixed assets | 22/27 | €33,664 | €19,809 | -€13,855 | -41.2% |
| Plant, machinery and equipment | 23 | €10,067 | €7,824 | -€2,243 | -22.3% |
| Furniture and vehicles | 24 | €23,596 | €11,985 | -€11,612 | -49.2% |
| Current assets | 29/58 | €37,090 | €62,352 | +€25,262 | +68.1% |
| Amounts receivable within one year | 40/41 | - | €8,441 | +€8,441 | |
| Trade receivables | 40 | - | €5,825 | +€5,825 | |
| Other amounts receivable | 41 | - | €2,616 | +€2,616 | |
| Cash at bank and in hand | 54/58 | €29,369 | €52,690 | +€23,321 | +79.4% |
| Deferred charges and accrued income | 490/1 | €7,721 | €1,220 | -€6,501 | -84.2% |
| Total equity and liabilities | 10/49 | €70,753 | €82,160 | +€11,407 | +16.1% |
| Equity | 10/15 | €28,078 | €45,171 | +€17,093 | +60.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €23,078 | €40,171 | +€17,093 | +74.1% |
| Distributable reserves | 133 | €23,078 | €40,171 | +€17,093 | +74.1% |
| Amounts payable | 17/49 | €42,675 | €36,990 | -€5,686 | -13.3% |
| Amounts payable after more than one year | 17 | €20,766 | €10,747 | -€10,018 | -48.2% |
| Financial debts | 170/4 | €20,766 | €10,747 | -€10,018 | -48.2% |
| Amounts payable within one year | 42/48 | €21,909 | €26,242 | +€4,333 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €9,775 | €10,018 | +€244 | +2.5% |
| Trade debts | 44 | €6,578 | €10,564 | +€3,985 | +60.6% |
| Suppliers | 440/4 | €6,578 | €10,564 | +€3,985 | +60.6% |
| Taxes, remuneration and social security | 45 | €46 | €3,908 | +€3,862 | +8462.6% |
| Taxes | 450/3 | €46 | €3,908 | +€3,862 | +8462.6% |
| Other amounts payable | 47/48 | €5,511 | €1,752 | -€3,758 | -68.2% |
| Remuneration, social security and pensions | 62 | €438 | - | -€438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,166 | €15,835 | +€669 | +4.4% |
| Other operating charges | 640/8 | €874 | €1,210 | +€336 | +38.4% |
| Gross operating margin | 9900 | €15,002 | €42,807 | +€27,804 | +185.3% |
| Operating profit (loss) | 9901 | -€1,476 | €25,762 | +€27,238 | |
| Financial income | 75/76B | €53 | €10 | -€43 | -82.0% |
| Recurring financial income | 75 | €53 | €10 | -€43 | -82.0% |
| Financial charges | 65/66B | €856 | €4,771 | +€3,915 | +457.2% |
| Recurring financial charges | 65 | €856 | €4,771 | +€3,915 | +457.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,279 | €21,001 | +€23,280 | |
| Income taxes | 67/77 | - | €3,908 | +€3,908 | |
| Profit (loss) for the period | 9904 | -€2,279 | €17,093 | +€19,372 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,279 | €17,093 | +€19,372 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.